Food additives market has already engraved its footprints in the global space with a noticeable shift in consumer preference for natural additives over synthetic ones across the world. Increase in consumption of processed food and beverages with the growing consumer claim for high nutrition content is acting as a catalyzer behind the tremendous growth of the industry. Global packaged food market is expanding exponentially and is slated to grow lucratively at an annual rate of 2.1% over a five years’ span, which in turn is expected to fuel global food additives market demand by cumulative folds. As per a report by Global Market Insights Inc., “Food additives market is poised to hit a revenue record of more than USD 52 billion, at a CAGR of 5% over the period of 2016-2022.”.
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Food enzymes and flavors & enhancers are the basic two product categories predominant in the industry. Flavors and enhancers held a comparatively larger share in 2014, almost accounting for 30% of the total market. Natural organic flavors are winning an edge over artificial one. Enzymes based food additives market will also exhibit significant growth rate at a CAGR of 5% over 2016-2022. Rising health awareness have resulted in an increase in demand for these functional additives which provides food protection against harmful microbes and bacteria.
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Below are the four geographical trends that will leave an influential impact on food additives market outlook over the period of 2016-2022
- Asia-Pacific is anticipated to observe a rise in interest in food additives market owing to the region’s unbounded population. Emerging economies along with foreign investments in upgrading products quality to broaden the consumer base, especially across populous countries like India and China, is playing a crucial role in fueling the regional food additives market demand. India food additives industry is expected to grow significantly at an annual rate of 4.5% within half a decade span. China will also be a major contributor toward the APAC revenue share with a projection to exceed USD 5 billion by 2022.
- North America market is expected to hold a comparatively significant share in the coming timeframe. The increasing regional demand for ready-to-eat products including frozen meats, snacks, and cake mixes is expected to stimulate the overall market outlook. In addition to it, strong manufacturing base of carbonated soft drinks and red meats in U.S. will have a positive influence on the global industry share.
- Europe food additives industry led the global scenario in past years, accounting for more than 30% of total volume in 2014. Driven by the surging requirement of incorporating functional ingredients in the food that imparts some of the beneficial properties such as flavor, emulsification, and extension of shelf life, the Europe market will remain one of the lucrative regions thriving in global food additives industry over the years ahead. Germany is another prominent country to prominently drive the regional market owing to the country’s inclination toward no sugar confectionaries, alcohol-free beer, and savory snacks that boost the demand for food additives.
- Middle East Africa is expected to hold a high potential market for food additives due to the declining reliance of these regions on domestic petroleum sector coupled with government framed new policies that encourage heavy investments in food additives industry.
Key industry participants include ADM, Novozymes, DuPont and Ingredion.
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